Edible oils prices declined in Mumbai on Tuesday. Sentiment weakened further tracking extended losses in Malaysian palm oil futures which declined by 14, 11 and 1 ringgits a tonne in cautious trading on Tuesday, as traders priced in wetter weather in the US Midwest that eased concerns about further damage to new-crop oilseed supplies.

In Mumbai, imported palmolein and soyabean refined oil dropped by Rs 2 and Re 1 for 10-kg each. Sunflower refined oil declined by Rs 5 and rapeseed oil lost by Rs 3. Cotton refined oil inched lower by Rs.10 while Groundnut oil rule steady despite jump in Rajkot – Saurashtra market. In physical market demand was thin and isolated keep volume lower. Sentiment was weak end of the day.

Market observers said in absence of fresh demand volumes remains thin. Vaibhavi sold about 250-300 tonnes of palmolein at Rs 617 for 1-10 September. About 50-70 tonnes were resale traded in the range of Rs 618-620 during the day. Satisfactory progress of monsoon rain in main producing States such as Madhya Pradesh, Maharashtra and Gujarat has increased hope for Kharif oilseeds production.

Liberty was quoting palmolein at Rs 622-623 for August and Rs 624-625 for September, Super palmolein at Rs 662, Soya oil at Rs 745 and Sunflower refined oil at Rs 770. Ruchi quoted palmolein at Rs 620 for August and Rs 622 for September. Soya refined oil was Rs 741 for August and Rs 744 for September. Sunflower refined oil was Rs 767 for August and Rs 770 for September. Allana’s rate for palmolein was Rs 622 and super palmolein Rs 664. Vaibhavi quoted palmolein at Rs 617 for 1-10 September. Bunge’s rate for palmolein was Rs 620.

In Saurashtra – Rajkot, groundnut oil was up by Rs 20 to Rs 1,900 for Telia tin and by Rs 10 to Rs 1,240 for loose – 10 kgs. On National Board of Trade – Indore, Soya refined oil August futures was at Rs 780 (Rs 780) while September was Rs 788 (Rs 787.50). Malaysia's crude palm oil September contracts settled lower at MYR 2,884 (MYR 2,898), October at MYR 2,907 (MYR 2,918) and November at MYR 2,933 (MYR 2,934) a tonne.

The Bombay Commodity Exchange spot rates were (Rs/10 kg): groundnut oil 1,220 (1,220), soya refined oil 740 (741), sunflower exp. ref. 705 (705), sunflower ref. 765 (770), rapeseed ref. oil 887 (890), rapeseed expeller ref. 857 (860) cotton ref. oil 745 (755) and palmolein 618 (620).

(This article was published on August 7, 2012)
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